A snowy Friday afternoon in the Northeast helped quiet down activity in the tax-exempt market as traders said bids that were out this morning were starting to go away. Still, the market felt significantly weaker.
"It's pretty rough" a Chicago trader said. "Bids are hard to find out there. Most people are just calling it a week and agreeing to take another look in a new week."
Overall, municipal bond market scales ended weaker Thursday for the fourth straight session.
Yields on the Municipal Market Data triple-A GO scale ended as much as four basis points higher. The 10-year yield jumped four basis points to 1.94% while the 30-year yield increased two basis points to 3.02%. The two-year closed at 0.31% for the 13th straight session.
Yields on the Municipal Market Advisors 5% coupon triple-A benchmark scale closed as much as four basis points higher. The 10-year yield jumped three basis points to 1.93% while the 30-year yield increased two basis points to 3.08%. The two-year was steady at 0.33% for the eighth session.
Treasury yield continued to jump Friday afternoon. The benchmark 10-year yield spiked seven basis points to 2.06% while the 30-year yield climbed six basis points to 3.26%. The two-year yield rose one basis point to 0.27%.